Enterprise Products Partners L.P. (NYSE:EPD) today announced the commencement of a public offering of 8,000,000 common units representing limited partner interests in the partnership. Enterprise also intends to grant the underwriters a 30-day option to purchase up to 1,200,000 additional common units to cover over-allotments, if any.
No surprise with units near all-time highs and large slate of organic growth projects. Should be a large bond offering soon given maturing debt of 533MM this month.
Hope rates are still low this time next year when that nasty 9.75% 500MM note is due. If so, refi'ing that debt will be nicely accretive.